He added: "We believe we are well positioned to capture the tremendous business opportunities in this digital transformation era."

As expected, phone sales helped to plump up revenues for the 12 month-period. The company's consumer biz sales climbed more than 32 per cent.

Huawei's overall group revenue hit ¥288.2bn (£31.4bn) for the year – up 20.6 per cent from 2013. Meanwhile, net profit increased by 32.7 per cent to ¥27.9bn (£3bn) in 2014.

Operating margins dropped to 11.9 per cent from 12.2 per cent a year earlier.

Huawei derives most of its sales from its operations in Europe and Asia. However, it does very little biz in the US, after the networking equipment maker – which was founded by erstwhile People's Liberation Army officer Ren Zhengfei in 1987 – was deemed a potential threat to national security by the White House. ®